WINNEMUCCA, Nev., May 14, 2025
/PRNewswire/ -- Hycroft Mining Holding Corporation
(Nasdaq: HYMC) ("Hycroft" or the "Company") announces first
quarter 2025 results and filing of its Form 10-Q.
President's Message
In the first quarter of 2025, Hycroft advanced on several key
activities:
- Metallurgical and engineering work – metallurgical testing
advanced in the first quarter with respect to the trade-off study
between roasting and pressure oxidation (POX) processing options
for the sulfide ore. Final results are expected mid-summer.
- Final drill hole assays from the 2024 program were received and
demonstrated more positive results in the Brimstone high-grade
silver trend (see summary details below and press release dated
April 30, 2025)
- Confirmed two new prospective exploration targets
- Bay (at the north end of the property) was drilled in late 2024
(drill hole H24E-6014) and demonstrated good high-grade gold veins
demonstrating strong target potential at depth; and
- Manganese (southeast of Brimstone) also drilled in late 2024
(drill hole H24E-6015) yielded very positive results
showing mineralization extending east beyond our current
resource, with multiple high-grade oxide intercepts on low angle
structures warranting further drilling.
Given the high commodity price environment and identification of
new oxide (heap leach) target areas, the technical team at Hycroft
is further assessing the potential opportunity of a start-up heap
leach operation in advance of the milling operation.
2025 is expected to be a defining year as we near critical
milestones and capitalize on new opportunities identified in
2024. Completing the technical studies for the next phase of
operation is a top priority as well as refining drill targets on
the high-grade and newly identified areas of oxide mineralization
to continue adding value to the Hycroft mine. With
precious metals showing remarkable strength, Hycroft stands
uniquely positioned with its world-class Nevada asset. With less than 10% of our
64,000+-acre property explored, our high-grade discoveries
continuing to expand, existing infrastructure on-site and major
mining permits in hand, we are well advanced compared to other
development companies, and we are excited about the opportunities
ahead in this robust precious metals environment.
First Quarter 2025 HIGHLIGHTS
Corporate Highlights
- Safety: Hycroft has maintained a 0.00 TRIFR for
more than two years, operating over 1.2-million-man hours without a
Lost Time Incident.
- Environmental: Through March 31, 2025, Hycroft maintained an impeccable
environmental record and was recognized as stewards of successful
reclamation.
- Balance Sheet: The Company ended
the first quarter with unrestricted cash of $39.7 million, restricted cash of $27.7 million and total debt of $128.0 million.
- The cash requirements for the first half of each year are
considerably higher than the second half of the year due to annual
payments for property taxes, property and casualty insurance
premiums, employee bonuses, and the strategic alternatives
process.
Operational Highlights
- Exploration: The 2024 drill results together with
geophysics, geochemistry, and mapping campaigns, has significantly
advanced our understanding of the mineralizing controls in the
high-grade trends of Brimstone and Vortex. In addition, this work
has generated high-grade potential in new exploration targets (Bay
and Manganese). The last of the 2024 drill results from Brimstone
were received and demonstrate strong continuity of the high-grade
veins, both up and down dip, as well as along strike. Furthermore,
the work completed throughout 2024 and during the first quarter of
2025 has identified the presence of both structures and intrusives
in the high-grade silver trends, which have not previously been
modeled and therefore create an excellent high-grade exploration
target. The high-grade silver systems remain open in all directions
and at depth. With less than 10% of the Company's land position
explored, there is tremendous further exploration
potential.
- Technical Studies: During the first quarter 2025
metallurgical and engineering work continued and final
metallurgical test work for roasting will be completed mid-year as
part of the trade-off studies to assess whether roasting technology
could offer superior economics compared to pressure oxidation
("POX") technology for the Hycroft Mine. Roasting could allow the
Company to be a significant producer of sulfuric acid, which is
used in the lithium and copper mining industries. Once the final
processing option is selected based on the projected economic
return, the associated gold and silver recoveries and operating
costs will be used for mine planning culminating in a technical
report with economics by year end 2025. The Company's Form 10-Q for
the period ended March 31, 2025, was
filed May 13, 2025, and is available
at www.sec.gov/edgar. See "Cautionary Note Regarding
Forward-Looking Statements" below.
About Hycroft
Mining Holding Corporation
Hycroft Mining Holding Corporation is a U.S.-based gold and
silver company exploring and developing the Hycroft Mine, one of
the world's largest precious metals deposits located in northern
Nevada, a Tier-1 mining
jurisdiction. After a long history of oxide heap leaching
operations, the Company is focused on completing the technical
studies to transition the Hycroft Mine into a large-scale milling
operation for processing the sulfide ore. In addition, the Company
is engaged in a robust exploration drill program to unlock the full
potential of our expansive +64,000-acre land package, of which less
than 10% has been explored. In 2023, Hycroft announced the
discovery of a new high-grade silver system within the known
resource area and the delineation of two new high-grade silver
trends. These discoveries represent a significant new value driver
for the Hycroft Mine that the Company is following up on with
additional drilling in 2024.
For further information, please contact:
info@hycroftmining.com
www.hycroftmining.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Securities
Exchange Act of 1934, as amended, or the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included herein and public
statements by our officers or representatives, that address
activities, events or developments that our management expects or
anticipates will or may occur in the future, are forward- looking
statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and
expansion and growth of our business. The words "estimate", "plan",
"anticipate", "expect", "intend", "believe" "target", "budget",
"may", "can", "will", "would", "could", "should", "seeks", or
"scheduled to" and similar words or expressions, or negatives of
these terms or other variations of these terms or comparable
language or any discussion of strategy or intention identify
forward-looking statements. Forward-looking statements address
activities, events, or developments that the Company expects or
anticipates will or may occur in the future and are based on
current expectations and assumptions. Forward-looking statements
include, but are not limited to (i) risks related to changes in our
operations at the Hycroft Mine, including risks associated with the
cessation of mining operations at the Hycroft Mine; uncertainties
concerning estimates of mineral resources; risks related to a lack
of a completed feasibility study; and risks related to our ability
to re- establish commercially feasible mining operations; (ii)
industry related risks including fluctuations in the price of gold
and silver; the commercial success of, and risks related to, our
exploration and development activities; uncertainties and risks
related to our reliance on contractors and consultants;
availability and cost of equipment, supplies, energy, or reagents.
The exploration target does not represent, and should not be
construed to be, an estimate of a mineral resource or mineral
reserve, as ranges of potential tonnage and grade (or quality) of
the exploration target are conceptual in nature; there has been
insufficient exploration of the relevant property or properties to
estimate a mineral resource; and it is uncertain if further
exploration will result in the estimation of a mineral resource.
These risks may include the following, and the occurrence of one or
more of the events or circumstances alone or in combination with
other events or circumstances may have a material adverse effect on
the Company's business, cash flows, financial condition, and
results of operations. Please see our "Risk Factors" outlined in
our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with
the SEC for more information about these and other risks. You are
cautioned against attributing undue certainty to forward-looking
statements. Although we have attempted to identify important
factors that could cause actual results to differ materially from
those described in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Although these forward-looking statements were based on
assumptions that the Company believes are reasonable when made, you
are cautioned that forward-looking statements are not guarantees of
future performance and that actual results, performance, or
achievements may differ materially from those made in or suggested
by the forward-looking statements in this news release. In
addition, even if our results, performance, or achievements are
consistent with the forward-looking statements contained in this
news release, those results, performance or achievements may not be
indicative of results, performance or achievements in subsequent
periods. Given these risks and uncertainties, you are cautioned not
to place undue reliance on these forward-looking statements. Any
forward-looking statements made in this news release speak only as
of the date of those statements. We undertake no obligation to
update those statements or publicly announce the results of any
revisions to any of those statements to reflect future events or
developments.
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SOURCE Hycroft Mining Holding Corporation
